Soybean contracts are showing resilience, rallying nearly 20 cents off early session lows, with prices for nearby contracts up ½ cent to a penny lower. The cmdtyView national average Cash Bean price is reported at $12.61, up 1 cent. Soymeal futures decreased by $1.30 to $1.60, while Soy Oil increased by 12 to 14 points.
Noaa forecasts indicate heavy rains expected over the next week, with 1 to 4 inches anticipated from Texas to the Great Lakes and northeastern Indiana. Ohio is projected to experience lower totals.
U.S. soybean export commitments are significantly high, reaching 21.2 million metric tons (MMT), which is 94% above the same period last year and represents 46% of the USDA’s forecast, compared to a 5-year average of 38%. As of November 26, soybeans are priced at $13.18, with January and March contracts at $13.31 ½ and $13.38 ¾, respectively.
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